The Nigerian government has allocated a budget of N50 billion in the 2024 Appropriation Bill for the implementation of its student loan scheme.
However, specifics regarding how the scheme will be rolled out remain unclear as reported by The PUNCH.
Recall that President Bola Tinubu announced the scheme in June 2023, promising its launch in January 2024. He positioned it as a sustainable solution to fund tertiary education and increase access for citizens.
Despite the allocated budget, details surrounding the scheme’s operation remain scarce. This has drawn criticism from several quarters, including the Academic Staff Union of Universities. The union argues that the scheme should be a grant for indigent students rather than a loan.
While the President initially announced a September 2023 launch, the Permanent Secretary of the Ministry of Education, Andrew Adejoh, later stated it would begin in January 2024.
The Student Loan Scheme Act, signed into law in June, specifies that the Central Bank of Nigeria will manage the funds through an 11-member committee chaired by the CBN governor.
However, ASUU representatives claim they have not been briefed on the implementation specifics. They reiterate their opposition to the loan model and advocate for grants instead.
Chairman of ASUU at the Federal University of Technology, Minna, Prof. Gbolahan Bolarin, said “We don’t have any information. No details except the fact that the minister said it’s starting January 2024.”
Similarly, the National President of the Academic Staff Union of Polytechnics, Dr. Anderson Ezeibe, said, “We do not have any information. No details.”
Other stakeholders, like Reform Education Nigeria, urge greater transparency from the government regarding the process. They demand details beyond mere announcement dates, including information on the committees and specific implementation plans.
